Valeant, overseen by J. Michael Pearson, quietly strikes an agreement with Pershing allowing the fund company to take a nearly 10 percent stake in Allergan, the pharmaceutical giant<br />and producer of Botox, to support Valeant’s takeover of the company.<br />Pershing and Valeant are sued over their Allergan arrangement by investors who sold<br />the stock without knowledge of the deal while Pershing was buying Allergan shares.<br />How a Big Wager on Valeant Played Out -<br />William A. Ackman, a high-profile activist investor<br />and the founder of the Pershing Square Capital Management hedge fund company, ended his three-year relationship with Valeant Pharmaceuticals International on March 13, taking a $4 billion loss on his investment in the troubled company.<br />Because of its investment in Allergan, Pershing makes $2.6 billion on the deal.<br />Fueled by its Allergan gains, Pershing Square records a roughly 40 percent gain for 2014.
